Make a statement with our boat financing

Make a statement with our boat financing

Whether you need boat financing for a new or used boat, or you want to refinance your current boat loan, Mountains America has the boat financing you need.

Our original and used boat loans include customizable terms and some of the lowest interest rates in the industry. This implies you may obtain a reduced boat loan rate or down payment.

What is the procedure for obtaining a boat loan?


It’s straightforward. Select the boat of your dreams. Apply for a boat loan online. Begin fantasizing about gorgeous days on the sea.

Our new and secondhand boat loans include the following features:

  • Fixed boat loan rates as low as 5.49 percent APR are available.
  • No application fees
  • Terms up to 15 years1
  • Many dealerships provide on-site financing for new and old boats.
  • Rate reductions with MyStyle Checking

What is the procedure for getting a boat loan?

A boat loan works in the same way that a vehicle loan does. Lenders often offer fixed loan rates for 10 to 15 years. Boat financing rates and durations vary per lender, but the lowest rates are often held for those with good credit, while the loan sum typically determines term lengths (the higher the amount, the longer the term).

Numerous lenders, loan types, loan terms, and competitive rates are available to you.

Still, you can be better prepared by knowing your financial history, getting preapproved with a lender, and having read all of the necessary personal and financial information and the boat’s specifications, such as the brand, model, year, power, and current worth.

For how long may a yacht be financed?

The loan duration and specifications for financing a new or used boat are essentially the same. Boat loan terms typically vary from 10 to 15 years. (Use our boat loan calculator to determine your monthly payment depending on the loan amount and term duration.)

Mountain America Credit Union offers fixed-rate loans with terms of up to 15 years1 (180 months). We provide flexible financing periods and some of the best boat loan rates available.

Buyers have the option of making additional payments or paying off the loan entirely before the term expires.

What is the minimum credit score required for a boat loan?

Each lender has its credit score criteria, but a credit score of 600 or above is usually enough to qualify for boat financing.

Those with credit scores above 700 generally get the most effective interest rates and minor down payments. Even if your credit score is in the mid-500s, you may be able to qualify for a boat loan.

Just bear in mind that you will most likely have to pay a higher interest rate, a more significant down payment, and other expenses.

How much money do you need to put down on a boat?

The exact down payment will be determined by the lender as well as the cost of your boat. Most lenders ask a buyer to put down 10–20 percent. Some lenders, especially for brand-new boats, may not need a down payment.

What is the typical boat payment?

There is no such thing as an average boat payment since numerous factors influence how much you spend each month for a boat, including:

  • Boat design
  • Loan amount
  • Loan term
  • APR

If you receive a new user or boat loan for less than $20,000, your monthly boat payment might be as low as $200. If you borrow more than $35,000, expect to pay more than $300 each month.

The more you borrow, the higher your monthly boat payment. Calculate your monthly payment with our boat loan calculator.

What are the interest rates on your boat loans?

Mountain America Credit Union strives to give the best boat loan rates available based on your eligibility. We provide competitive fixed rates starting at 5.49 percent APR.

What are the boat loan financing terms?

Boat finance periods are typically between 10 and 15 years. Mountain America offers various financing options for new and secondhand boat loans and refinancing.

Some people choose a shorter financing period with a larger payment, while others prefer a longer-term with smaller payments. Use our boat loan calculator to determine your monthly payments based on the loan amount and period.

Also Read: Yamaha outboard financing

Boat Financing for People With Bad Credit

Boat finance for those with weak credit, sometimes known as subprime lending? If you’ve always longed to sail the sea or float down a river on your boat, now is your opportunity. Boat loans are available to most individuals, including those with poor credit.

You may have believed that owning your boat was a pipe dream that was just out of reach, but this is not the case since boat loan rates are reasonable for practically everyone.

There are numerous forms of boat loans accessible; these loans will assist you in purchasing a commercial fishing boat and a pleasure boat via boat yacht loans.

If you are thinking about buying a boat and are wondering how to acquire boat loans to help make your dream a reality, you should learn everything you can about this sort of financing before making a purchasing decision.

There are two kinds of boat loans: unsecured loans and secured loans. To obtain a secured boat loan, you must have some collateral to put up as security; most financing organizations prefer assets such as a house or a vehicle as collateral.

The benefit of obtaining these secured boat loans is that the interest rates are frequently cheaper than if you obtained an unsecured loan.

Unsecured boat loans do not require any collateral to secure the loan. The interest rate on the unsecured loan will be greater.

Guaranteed boat loans are available for sums ranging from £1,000 to £15,000. Still, the exact amount of money you qualify for will be determined by your income, credit history, and whether or not you have any collateral.